The Netherlands’ chief financial regulator noted that Bybit’s activities not only contradicted the requirements of the country’s legislation, but also complicated the work of government supervisors, since the exchange did not provide information about suspicious transactions in the proper form.
“During the audit of Bybit’s activities, it was revealed that in the period from October 2, 2020 to September 15, 2023, the company did not report data on non-standard transactions and their counterparties to the financial intelligence unit of the Netherlands,” the Dutch Central Bank said.
In a statement in response, Bybit agreed to pay the fine, and also emphasized that since 2022 the company has been making efforts to correct the situation and has registered an accredited regional office in Amsterdam.
In September, the investigative department of the Dutch Tax Office seized the servers of two large cryptocurrency exchange services PM2BTC and Cryptex, located in the country. According to the department, the activities of these crypto services could be controlled by Russian crypto entrepreneur Sergei Ivanov.
Source: Bits
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